Use the following appropriate amounts to calculate net income: Revenues, $12,000; Liabilities, $5,000; Expenses, $4,000; Assets, $19,000; Dividends, $4,000.
net income = total revenues - total expenses = $12,000 - $4,000 = $8,000
net income is the same as net profit, or the difference between total revenue minus total expenses (including cost of goods sold, general and administrative expenses, operating expenses, depreciation, etc.)
